Profits leap at wealth manager St James’s Place

WEALTH manager St James’s Place, which has an office in Yorkshire, today announced a big hike in annual profits.

Chief executive David Bellamy said he believed the group’s 2009 performance would be viewed as one of its most “robust”.

St James’s Place has an office in Leeds as well as bases in Liverpool and Manchester.

Mr Bellamy said: “Given the market conditions, I believe 2009 will come to be viewed as one of our most robust performances.

“Our results in 2009 show that our business proved its resilience and is in really good shape to capitalise on better times whenever they arrive.

“In the meantime, the significant increase in the partner numbers over the last four years provides a solid foundation for the further growth of our business.”

For the year to December 31, operating profit was £228.9m compared to £204.3m in 2008. Pre-tax profit was £363.2m, compared to a loss of £115.9m last time.

St James’s Place made total single investments of £3.4bn, up 10%, over the period.

Funds under management stand at £21.4bn, up 31%, while partnership numbers have grown to 1,464.

The group is proposing a total dividend for the year of 4.5p.